Lee, Klobuchar Announce Hearing On Healthcare Insurance Industry Consolidation

Senators Mike Lee (R-UT) and Amy Klobuchar (D-MN) today issued the following statements regarding recent announcements of mergers in the healthcare insurance industry.

“In a changing regulatory environment, the healthcare insurance industry is rapidly consolidating," Lee said.  "If each of the recently announced transactions is completed, the number of major health insurers in the United States would shrink to three.  It is imperative that we closely examine changes in the healthcare market, and what has caused these changes, to ensure that consumers are not harmed and continue to receive quality health care at a competitive price.”

“Competition is critical to ensuring that consumers have access to the health insurance plans that best suit their families' needs at the lowest prices,” Klobuchar said. “Anthem’s proposed acquisition of Cigna and Aetna’s acquisition of Humana, both individually or combined?, raise important antitrust concerns. The Antitrust Subcommittee has a duty to understand whether this consolidation would increase health insurance costs and jeopardize the ability of Americans to access affordable, high-quality health coverage, as well as whether claims of consumer benefits, corporate efficiency, and lower costs are realistic. I thank Chairman Lee for his attention to these vital issues."
Senator Lee is chair and Senator Klobuchar is ranking member of the Senate Judiciary Subcommittee on Antitrust, Competition Policy, and Consumer Rights. The Antitrust subcommittee will hold a hearing on the consolidation of the healthcare insurance market in September.